Chairman of the EDB Management Board says in Tashkent that the Bank is ready to finance EAEU interstate programmes

05 April 2021

Tashkent, 5 April 2021. Nikolai Podguzov, Chairman of the Management Board of the Eurasian Development Bank (EDB), said during his speech at a meeting of the Eurasian Economic Union’s (EAEU) Industrial Policy Council in Tashkent (Uzbekistan) that the Bank considered financing of EAEU interstate programmes as promising.

“Our countries have been traditionally linked by thousands of production chains and common infrastructure, which is the backbone of Eurasian economic integration. Maintaining, developing and expanding this potential for cooperation is among the Bank’s key objectives. We are ready to work closely on this with the Eurasian Economic Commission and the EAEU Industrial Policy Council. A promising form of such interaction could be the financing of EAEU interstate programmes and projects that are in line with the Bank’s mission,” said Nikolai Podguzov.

He also noted that, in addition to the elements of debt support for projects, the EDB could arrange all types of documentary transactions – issue letters of credit and bank guarantees. The EDB could act as a guarantee bank and mediate between counterparties from EAEU countries.

In some cases, the Bank can support industrial cooperation projects through direct equity participation in companies, fully sharing project risks with the initiators.

The EAEU Industrial Policy Council is the body that coordinates the industrial activities of the authorities of Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia within the union. The meeting of the Council is being held for the first time in Uzbekistan as an observer state at the EAEU.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The Bank was established in January 2006 and is headquartered in Almaty. The EDB’s portfolio mainly consists of projects with an integration effect in the areas of transport infrastructure, digitalisation, green energy, agriculture, industry, and mechanical engineering.

The EDB Media Centre:

Alexander Savelyev +7 (985) 765 23 59 (Moscow)

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

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